The Board of Trustees meeting on Friday, April 7 released the categories in which the university plans to make reductions.
“It’s no secret that the current state of our financial situation is dismal. Reserves are precipitously low, expenses are exceeding revenues and enrollment retention figures are below expectations,” Doug Fecher said, Vice Chair of the Board of Trustees. “We’re faced with an extraordinarily difficult situation, but is mostly one of our own making. There are many reasons for our current situation, and no shortage of blame to go around.”
“The situation we find ourselves in today did not occur overnight, and will not be resolved overnight. Indeed, the warning signs have existed for many years, hidden early on by our robust financial situation at that time. Still, the signs were there, and leadership was lacking by not paying more attention to the clouds on the horizon and making changes much earlier than we’re going to do today.”
To fix the university’s current situation, WSU must find $30 million in reductions. There is also the goal to bring the financial reserves to $5 million.
Currently, it is estimated around $4 million will come from current vacant positions, which is estimated to be 30 to 50 positions.
It is estimated the reduction of 80 to 100 currently filled positions will save the university anywhere from $6-$8 million.
Eight million is estimated to be reduced from the operating budget.
The university is also hoping to recoup funds from the voluntary retirement incentive program.
The final plan is expected to be announced by the end of April or early May.
